Episode 57: When Should You Start Withdrawing CPP?
Your Canadian Retirement Specialist
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Show Notes
Confused about when to start withdrawing from your CPP? Some say wait until 70 others say start at 65, read on to find the solution that's right for you.
When is the perfect time to begin drawing upon your Canada Pension Plan (CPP)? This is a question many of our clients have. Sheer numbers and calculations reveal that waiting until age 70 to draw upon CPP will bring you the highest CPP payments. However, there is no one-size solution for everyone.
In today's episode, I discuss different scenarios that will help you decide when the best is for you to start withdrawing from you CPP.
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Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change frequently, and past performance may not be repeated.
LIRA regulations vary provincially. For more information on LIRA in your area, please refer to your provincial government's website. Additional information on the Canada Pension Plan and Old Age Security can be found at:
www.canada.ca/en/services/benefits/publicpensions.html.
Music courtesy of LesFM: https://lesfm.net.